Smart entrepreneurs all across the world are rushing to get into the medical industry.
It’s already worth many billions of dollars, and the numbers just keep on rising.
While human generations get older, there’s going to be a massive demand for a wide variety of medical-related businesses.
Because medical technology continues to get better and better, people are living for longer and longer.
This is starting to put a massive strain on the economy, and governments are rushing to find solutions.
The fact that so many elderly people will seek medical care within the next few years is quite alarming.
In order for the medical industry to handle this increased demand, new businesses need to step up to the plate.
These independently run businesses will provide medical care for profit, serving the community while also raking in tons of cash.
It’s an amazing business opportunity.
But before you get excited, you still need to figure out a business idea that will succeed in the medical industry.
Well, luckily for you we’ve already found an incredible business idea that could be a great option:
A Medical Diagnostic Center.
This business is essentially a pathology lab that takes samples and analyzes them to figure out the root cause of diseases and illnesses.
Diagnostic centers might also include MRI, CT, and Ultrasound capabilities.
Your diagnostic centre equipments are more reliable if purchased upfront and new.
Although this business might sound relatively complicated, it’s ranked among the simpler medical businesses to set up.
When starting medical diagnostic center business models, think of them as miniature hospitals.
You only need a few employees, and the equipment and technology could be much simpler than you think.
With all that said, we’re still talking about a medical facility here.
Although a medical diagnostic center might not be as complex as some other medical businesses, it mandates a lot of technical knowledge and skill.
For the most part, the best-suited entrepreneurs to start this business are lab technicians, scientists, and medical professionals.
Without the skill and knowledge that these professionals bring to the table, this business might be challenging.
However, there are many recent graduates who may have the skills necessary to start this business.
If you’re one of these people, this could be an amazing business opportunity.
Why work for someone else when you could be creating your own business with the skills you’ve learned in college or university?
That’s exactly what I had thought when I was working for corporate business as a salaried employee for just a short while.
I found local lead generation as an alternative business model when I was sick and tired of living at only $35,000 per year and freezing in a low rent apartment.
If you have ever visited the Detroit, Michigan winters of the northern United States, you can appreciate what kind of bone-chilling cold I’m referring to.
Basically, I was able to start from my laptop and rank digital billboards online – ones that I personally owned – and rent out the results that they bring from the top of search results.
Imagine, for a moment, owning physical real estate – homes, apartment buildings, etc. – and renting out space for a monthly retainer.
You can do the same here, but with virtual real estate…
Meaning, for a lower investment than anything I’ve ever seen, you can get started with your spare time and a little elbow grease to build digital assets you can later rent to small businesses.
Since they’re siphoning free traffic and operating 24/7 from search engines, you’re able to put this kind of business model on automated settings and kick back while the checks roll in.
Don’t get it twisted, this local lead generation coaching program makes it very clear that you have to put some hustle and work in the upfront.
If you do this right though, then you could do what other students and I have successfully done which is quit our undercompensating corporate full-time job.
Be sure to visit the bottom of this article for the full details on this industry and how I reached $10k per month – in passive income – in under a year.
When in the thick of medical diagnostics, you’ll still be contributing to your community and helping people…
But, with a medical diagnostic business, you’ll also have the opportunity to find yourself in profit mode someday.
Types of Medical Diagnostic Centers
There are two main types of medical diagnostic center:
• Pathology – This type of diagnostic center focuses on taking samples from bodily fluids, such as blood and urine. These clinics analyze the fluids in a lab and deliver results to the patients.
• Radiology – These diagnostic centers focus on using MRI, CT scans, X-Rays, PET, and ultrasound technology. After analyzing the results of the scans, medical professionals draw conclusions and deliver results to the patients.
Both of these diagnostic centers use different methods to analyze patients, but they both rely on the same underlying principles.
They analyze patients using the technology available and deliver results.
Of course, What would a radiology center business plan be if it didn’t include diagnostic centre project report procedures?
Of all the things needed to set up a clinic, it’s important just to make a checklist early on.
Obtaining Your Business License, Necessary Permits, And Insurance
The medical field is tightly regulated for business purposes.
This makes sense, as improper medical treatment leads to some serious problems. If government officials don’t make that sure all medical facilities and medical businesses are qualified and safe; the entire population is at risk.
Obtaining a medical license is definitely one of the most challenging aspects of this business, and that’s why we’re recommending that only highly qualified individuals attempt to start this business.
In many cases, pathology and radiology labs act as an extension of hospital treatment. Generally, hospitals or family doctors send their patients to these labs for various tests. The results of these tests are then sent back to the doctor or the hospital.
The hospital or doctor shares the results of these tests with their patients, and the diagnostic lab doesn’t have much contact with the patient outside of administering the tests.
When you start a medical diagnostic center, there are numerous licenses and permits involved – not just one. Your business itself must get approved, but your individual staff members all need to obtain their own licenses.
Aside from the medical aspect of this business, you may need additional permits and licenses from your local government.
It’s always best to do your very own research and figure out exactly what you need to do in order to stay on the right side of the law.
What Qualifications Do You Need to Start This Business?
So far, we’ve mentioned the fact that only qualified individuals should think about starting this business.
But what specific qualifications do you need?
Depending on the rules and regulations of your local area, you might be qualified to open a medical diagnostic center with various diplomas, qualifications, and degrees.
If you’re starting a Pathology Lab, you’ll need to be a qualified pathologist.
If you’re starting a Radiology Lab, you’ll need to be a qualified radiologist.
Both these pathologists and radiologists also need to obtain medical licenses, on top of their training.
It certainly helps if you have a background in biochemistry and microbiology. Both biochemists and microbiologists are often sought after for employment in Pathology Labs.
Lab work is also very important in this business, so having a background as a Lab Technician also really helps.
That’s a lot to unravel. All of these experts have major qualifications and degrees, and you’d need to study for many years to bring all of this knowledge to the table.
It’s worth pointing out that you don’t necessarily need all of this training to start a Medical Diagnostic Center. As long as you’re qualified to some degree, you can hire other employees who have backgrounds in various other fields.
Lab technicians represent the main workforce of your business. These are individuals with a minimum of a diploma in medical lab technology. Ideally, they should have a bachelor’s degree. It might not be too hard to find these individuals.
Building Your Facility
The facility itself represents some of the biggest costs associated with starting a medical diagnostic center.
All brick and mortar businesses represent a considerable initial investment, but medical facilities are more expensive than many other physical businesses.
You’ll need to set up everything according to the codes and regulations that your local laws dictate. Everything must also be incredibly sterile and easy to clean.
Although renting a space is definitely an option, it’s better to purchase your own business space and design the entire layout according to your unique needs. When you own the property, you can create a detailed floor plan that makes sense for your facility.
You’ll need a small office/administrative area, numerous testing rooms, lab facilities, and a waiting area for patients – complete with bathrooms. Fitting all of this into your space is difficult unless you have complete control over the layout.
While cutting down on space definitely saves money in the short-term, it’ll impact your profit potential in the long run. A smaller space can only handle so many patients at one time. Your daily earnings will be lower compared to a larger medical diagnostic center.
Because many of your patients will be elderly, sick, or disabled, you’ll need to provide fill accessibility options. Wheelchair ramps are essential.
Consider making your bathrooms wheelchair friendly as well.
Generally speaking, your facility should be easy to navigate for those with mobility issues.
Make an effort to create a stress-free environment.
I’m very passionate about digital real estate, however, because you’re not tied to one geographic location.
Sure, the medical diagnostic industry is superb in the sense that you’re helping people with their healthcare needs – which is both noble and admirable.
However, my online lead generation company can service multiple industries and several cities at the same time by simply expanding my amount of virtual assets.
Further, there are only so many miles (or, depending on where you’re reading this, kilometers) which prospective patients might travel for services from you…
Especially if there’s a more affordable place that mirrors your quality of care for a fraction of the price you’re quoting.
You could probably get into a preferred provider network with insurance carriers; however, a lot of those roles can be hard to wiggle your way into.
In stark contrast, every business needs more paying customers – and my virtual real estate can provide exactly that.
We need to keep in mind that I’m simply mimicking what Lyft and Airbnb have been doing for years already…
• Fabricate referrals for a particular service or industry.
• Pass them off to someone who can actually take care of the paying customer.
• Return (to the person doing the referring) a check for gratuity.
If you can do this for multiple industries, then you could probably stand to make a hefty profit.
After all, you’re helping that business – and everyone it interacts with – to have a better quality of life by promoting cash flow and customer connection points.
Our lead gen coaching program can further introduce to you how you can promote some simple automation for your business that can further give you some time freedom in addition to the passive income.
Check out the end of this article for full details…
Choosing Your Staff
Choosing the right staff is incredibly important in this business.
Without highly qualified, professional individuals working in your facility, your business won’t get very far.
Medical testing is a highly precise, advanced process.
If one small detail is wrong, it could have major repercussions for your patients and your business.
Take all the time; you need to hire the best team possible.
Your hiring process should be rigorous and demanding, with multiple levels of screening and examination.
It could be tempting to rush through this hiring process and put a team together quickly. We get it – it’s important to get your business up and running as soon as possible.
But on the other hand, it only takes one unqualified or careless worker to destroy your business completely.
Remember, your organization is only as professional as the least unprofessional on the team.
When building your team of qualified medical professionals, you’ll also need to train them.
Even though every single candidate should have extensive knowledge of their assigned medical role, they might not have firsthand experience in the work environment.
Others might have experience in certain fields, but not in a medical diagnostic center specifically.
Even the most qualified microbiologists or biochemists might need a little help in learning how to function in this new work environment.
Within the first few weeks, you might want to pair new employees with those who are experienced in the world of medical diagnostics.
This reduces mistakes that could be made, and your new employees will learn the ropes much quicker.
One of the major, important parts of training is hygiene.
Your employees will serve countless people throughout the day.
It’s essential that every single employee understands the importance of regularly washing their hands, sterilizing equipment, and all other tasks related to hygiene.
The medical industry is constantly evolving and changing. New innovations and technological advancements happen every single month.
That’s why you need to stay up-to-date with this ever-changing industry as you run this business.
You might consider booking special medical representatives to educate your employees on these latest developments.
It might even be worth attending medical conferences with your entire team.
Updating your techniques and keeping your facility as modern as possible ensures your patients are getting the best treatment possible.
But learning about new developments in the industry might also save you money.
You’ll often find that new, alternative methods are cheaper and more effective.
Computers and Software
Make every effort to ensure your computer systems are as modern as possible. This includes specialized medical software designed for your facility.
Because you’ll be working alongside hospitals, family clinics, and other medical facilities, you’ll need to share medical information quickly.
Computer software allows you to do this quickly and easily.
It’s also important to make sure your software is actually compatible with the same software tools in use by local hospital and clinics.
Your systems should integrate seamlessly with hospitals and clinics who are sharing things like past test results, medical histories, and detailed medical files.
It’s worth pointing out that security and confidentiality are extremely important when sharing medical information across multiple servers and systems.
This is especially when you’re dealing with potentially sensitive information, such as test results.
Make sure that your software is secure. If any leaks happen and you’re found to be responsible, your entire facility could be shut down.
What Kind of Equipment Do You Need?
When you start your Medical Diagnostic Center, you’ll need to obtain a variety of advanced lab and testing equipment. This equipment is essential to the overall functioning of your business.
Even though this equipment might be expensive, you should strive for the highest quality possible. This will provide the best service to your customers.
Remember, you’re dealing with a one-time investment in this equipment.
Spending money on top quality equipment, in the beginning, ensures you’ll always offer the best possible experience for your patients.
With all that said, lab equipment does break eventually, and you’ll need to pay for repairs and maintenance fairly regularly. Sometimes, the equipment needs to be replaced entirely.
It’s best to obtain a wide range of different testing equipment. This ensures that you can run a variety of different tests and provide service to a wide range of different patients.
You’ll quickly learn that different testing methods and equipment are needed to test for various illnesses and diseases.
Here are some pieces of equipment you might want to purchase for your diagnostic center:
- Microplate Readers
- Blood Cell Counters
- Freezers and Fridges
- Blood Gas Analyzers
There are multiple other equipment items which you may require before opening your doors.
This is just a general overview and a starting point for your checklist.
You might find that a range of other components is needed to equip your business fully.
In addition, you will need completely different equipment if you’re starting a Radiology Diagnostic Center as opposed to a Pathology Diagnostic Center.
It’s worth mentioning that X-Ray, CT Scan, and MRI machines may be considerably more expensive than the lab equipment needed to start a Pathology Center.
Marketing Your Medical Diagnostic Center
Your patients are essentially identical to customers that any business has. And like any business, you need patients/customers in order to succeed and earn a profit.
So how do you attract as many new patients as possible?
First of all, the medical industry is a results-based industry.
In other words, your patients judge your service on what they experience as they go through the testing procedure and receive their test conclusions.
If wait times are too extreme, you might get a negative reputation among your potential customers.
If results are inconclusive and patients need to return to retake tests all over again, this is another reason your business might suffer.
Patients want to stay informed of their test results immediately (and with accuracy).
If you can provide this, then your business will gain more patients, and your profits will increase.
Make every effort to create a smooth and enjoyable environment for your patients and focus on delivering accurate results quickly.
As far as marketing your business, this isn’t something you can really advertise in the newspaper, online, or with social media.
Your best bet is to network and form connections with local hospitals and clinics.
These medical facilities represent your main source of business, and you’ll need to establish some kind of relationship.
Once again, it’s all about providing results.
Establish a reputation for quick, accurate, and professional testing services, and hospitals will continue to send a steady stream of patients your way.
Remember, hospitals outsource testing services to independent medical diagnostic centers because it makes their lives easier.
Make the process rather convenient for these hospitals and clinics.
Sometimes, it’s a good idea to specialize in very specific testing techniques.
Certain illnesses and diseases might require somewhat obscure and rare equipment to test.
Larger labs and hospitals might not bother with such equipment, seeing as they will only use it rarely.
But if you buy this lab equipment, you could provide a service that no one else offers in your area.
Suddenly, you’ll find that patients from far and wide are being sent to your diagnostic center because you’re the only facility with the right testing equipment.
How to Start This Business If You Don’t Have Medical Knowledge
It is technically possible to start this business without any medical knowledge or training.
All you need to do is hire the right staff.
Ideally, you’ll hire an expert pathologist who will supervise the other lab technicians and employees.
This pathologist needs to be seriously knowledgeable, and you should spend as long as you need searching for the perfect candidate.
Obviously, your profit margins will go down if you hire an expert to run the business for you. Experts require large wages, and this could prove to be a serious drain on your business.
Then again, you won’t be working a full-time job. This will give you plenty of other time to plan out marketing strategies and even start other businesses.
Alternate Business Plan – DNA Testing Lab
While radiology and pathology are two great options for a medical diagnostic center, there’s another type of business which could be very profitable.
A DNA Testing Lab operates under the same principles as a pathology lab, but it specializes in testing people’s DNA.
There’s a massive demand for DNA testing in 2019.
Plenty of people need paternity and maternity testing, and others are interested in their genetic family history.
Companies like 23AndMe are becoming incredibly popular, and they rely on DNA testing to deliver results to their customers.
DNA testing is so similar to general pathology that it might be easy to offer this service as a side business to your existing testing capabilities.
As you expand your business, you might want to add this service to your labs, with all the necessary DNA testing equipment.
Although most entrepreneurs are now aware of the growing demand for medical businesses, it’s often hard to find an entry point into this booming industry.
A Medical Diagnostic Center is an excellent option for any serious entrepreneur who wants to gain a foothold in this billion-dollar industry.
Yes, there are some major obstacles standing in your way.
First of all, this business works best for those who are knowledgeable in the world of medicine.
Pathology, microbiology, biochemistry, and general lab knowledge will make this business much easier to run.
Second, you’ll need a sizable initial investment to start this business.
Medical facilities aren’t cheap, and the building alone will cost significant funds to customize and alter.
Lab equipment also represents a major cost, especially if you’re aiming for seriously sophisticated testing equipment, such as radiology components.
Employee wages are another important budget consideration. Remember, you’ll need skilled employees to run this business.
This isn’t a warehouse or a fast food restaurant. Even your basic lab technicians will have years of university training.
But beyond all these obstacles are some seriously lucrative rewards.
There’s always a massive demand for businesses in the medical industry…
And such a demand will only increase in the next few years.
Even if your business is relatively slow at first, you can expect a steady increase in customers as the years go by.
Even though your initial investment represents a major risk by all accounts, the statistics show that this business has a high chance of success with massive profit margins.
If you’re ready to start a serious business in the medical industry, then a medical diagnostic center gives you an opportunity to cash in on this profitable industry.
Sure, this business is very challenging.
But the most challenging businesses are often the most lucrative.
Start your medical diagnostic center today and start making some serious money.
Build a Lucrative Business Online and Travel Freely with your Local Lead Generation Empire in 2019
You’re going to be encountering a variety of people in entrepreneurship, no matter what industry you participate in or who your target audience is.
The nobility of healthcare providers cannot be commended enough; it takes a strong-willed and good-hearted person to sacrifice their time and emotion to care for another.
In terms of entrepreneurship, however, there are tons of regulations that you need to abide by – not including all the healthcare requirements like certifications, individual licensure, etc.
By the time all is said and done, just abiding by regulations have severely dipped into your pockets.
Adding insult to injury for your business idea, you still have to promote your facility to a target market – which has a reach of only so many miles in a radius from where you’re planted.
You could build more facilities, but then that would mean that you’re overbooked and have more facilities to both travel to and maintain – some of which might be less than profitable.
By all means, risk over reward when you’re first starting out…
However, Local Lead Generation is the industry for me because digital billboards are extremely affordable, and the chances of them striking a profitable deal are greater.
After all, you’re betting on them being able to produce more customers for the target industry you’re looking to help – both the small business and their consumer base.
It’s the simple art of creating and ranking virtual billboards until you own the most valuable digital real estate…
Then, you can market your results – which are an influx of buyers – to whichever small business has an interest in taking more customer requests.
What if you could help a business to flourish by simply tapping into the budget they already have set aside to gather what you’re able to hand to them…
They would have less of a need for a marketing and sales budget when you’re already providing them with exactly what will grow their bottom line.
A prime example of these $750 to $3k+ digital billboards is my tree service industry virtual property in Lansing, Michigan – which can be found at the top of the market…
For only working about 7 hours to get this thing exactly where I wanted it to be, I have been collecting upwards of $2,000 every single month…
That’s passive income because everything is on autopilot and I don’t maintain it because I’ve done everything right the first time according to our coaching program.
That massive profit came as a result of building the lead gen site to nothing more than this:
Now, vacations and family events are no longer things that I have to miss because of work.
Instead, I’m in control of my time because I quit my corporate 9 to 5 – and I can afford to travel to see friends and family…
Or invite them out to visit me, and I can afford to put food in my refrigerator for when someone swings by.
If you want more time to enjoy life, and the finances to back up what you keep telling yourself you’re going to do if you ever strike it rich…
Then step up and start building that into a reality with our local lead generation coaching program.
See you on the inside…